High Demand For Sales Properties In 2020
Published: 01/12/2020As we near the end of 2020 the sales side of the property market has remained resilient. The implementation of the Stamp Duty, Land Transaction Tax, and Land and Buildings Transaction Tax holidays have allowed for record-breaking levels of house sales and rental accommodation.
Over the course of 2020, the number of potential buyers was the highest it has been over the past decade with an average of 403 house buyers registered per branch, compared to 320 on average throughout 2019 and the previous decade high of 379 in 2015. Looking back over the last decade, demand for housing is up by 55 per cent, from 260 per branch in 2010.
The number of properties available to buy hasn’t changed year-on-year, with an average of 39 available per branch consistently since 2018. The month of July saw the highest number of properties available this year, with an average of 43 available to buy per branch. Supply has dropped considerably over the last decade, from 63 on average per branch in 2010.
The number of sales agreed per branch throughout the year hit a decade high of 10 sales on average per month in 2020. Historically this figure has stayed consistent, only moving between seven and nine between 2010 and 2019.
The average total sales made to first-time buyers decreased by two percentage points in 2020, from 27 per cent in 2019 to 25 per cent. This figure is consistent with both 2018’s average figure of 25 per cent and the past decade’s average of 25 per cent of total sales being made to first-time buyers.